KOSDAQ · 143240 · Internet · ₩143240

Saramin사람인

143240 · KOSDAQ · ₩143240 · 사람인

₩16,120▲ ₩250 (1.58%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩47,766

vs the current price (₩16,120)

Enterprise value: ₩280B
Equity value: ₩513B
WACC: 7.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 196% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩16,120, the model needs an operating margin of −3.6% every year (it uses 19.9%).
Margins ranged from 13.8% to 30.3% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
85% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
Today's P/E is 1.7× against a typical 10.4× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩38,592; +139.4%
Base: ₩47,766; +196.3%
Bull: ₩62,793; +289.5%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (19.9%).

Revenue growth

Revenue growth, year 1-6.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-4.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin19.9%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation1.5%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending3.2%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital-10%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta -0.04, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.51%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩125B
Net debt (borrowings and leases − cash and deposits): −₩175B
+ Stakes and investments: ₩57B; Associates, long-term financial assets and deposits (book value)
Shares: 10,732,731
Share price: ₩16,120
Market cap: ₩173B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩132B	₩128B	₩121B	₩117B	₩112B	₩110B	₩111B	₩114B
Growth	−11.7%	−2.4%	−5.6%	−6.6%	−4.2%	−1.8%	0.6%	3.0%
EBIT	₩25B	₩21B	₩17B	₩23B	₩22B	₩22B	₩22B	₩23B
EBIT margin	19.2%	16.6%	13.8%	19.9%	19.9%	19.9%	19.9%	19.9%
After-tax EBIT	₩18B	₩15B	₩12B	₩17B	₩16B	₩16B	₩16B	₩16B
+ Depreciation	₩1.9B	₩2B	₩2B	₩1.8B	₩1.7B	₩1.6B	₩1.7B	₩1.7B
− Capital spending	₩1.6B	₩5.6B	₩5B	₩3.7B	₩3.6B	₩3.5B	₩3.5B	₩3.6B
− Working capital	−₩27B	₩2.8B	−₩14B	₩826M	₩491M	₩202M	−₩66M	−₩332M
Free cash flow	₩45B	₩9B	₩23B	₩14B	₩14B	₩14B	₩14B	₩15B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩13B	₩12B	₩11B	₩11B	₩10B

Terminal value ₩317B, worth ₩223B today: 80% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩25,232 a share)Now 0.64×	₩17,4500.69×	₩27,1091.07×	₩72,7312.88×
Price / earnings (last 12 months: ₩9,279 a share)Now 1.74×	₩17,6501.90×	₩96,29910.4×	₩149,29316.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,515 a share)Now 6.41×	₩4,7841.90×	₩26,10410.4×	₩40,47016.1×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
6.3%	₩48,546	₩50,970	₩53,957	₩57,730	₩62,645
6.8%	₩46,177	₩48,152	₩50,539	₩53,481	₩57,196
7.3%	₩44,185	₩45,821	₩47,766	₩50,117	₩53,014
7.8%	₩42,486	₩43,861	₩45,472	₩47,388	₩49,703
8.3%	₩41,022	₩42,190	₩43,543	₩45,130	₩47,017

Now (TTM)

Market cap: ₩173B
Enterprise value: −₩20B
P/E: 1.7×
P/B: 0.6×
P/S: 1.4×
EV/EBITDA: —
Dividend yield: 4.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,500	₩17,460	₩17,490	₩26,400	₩41,500
Market cap	₩145B	₩187B	₩188B	₩283B	₩445B
P/E	1.6×	15.2×	10.1×	9.7×	14.0×
P/B	0.5×	1.0×	1.1×	1.6×	2.9×
P/S	1.2×	1.5×	1.4×	1.9×	3.5×
EV/EBITDA	—	5.6×	5.1×	6.3×	11.0×
Dividend yield	5.2%	2.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Saramin	1.7×	0.6×	1.4×	—	4.3%
NAVER	13.1×	0.9×	2.1×	—	1.5%
Kakao	37.5×	1.1×	1.6×	—	0.3%
Daou Technology	1.9×	0.4×	0.0×	—	5.4%
NICE Information Service	11.6×	2.1×	1.6×	6.8×	3.0%
Kinx	35.9×	4.0×	5.2×	15.7×	0.3%
Cafe24	11.3×	1.5×	1.3×	—	0.0%
Similar companies (median)	12.4×	1.3×	1.6×	6.8×	0.9%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Saramin / 사람인 / 143240 / KRX:143240

Source: KRX statistical information